Interloop to invest $300 mn in apparel unit in Pakistan
Pakistan-based apparel manufacturers Interloop plans to setup a new factory to expand its production. Expecting to meet the rising demand from the foreign markets, the company aims to double its revenues by FY2026.
Karachi, Pakistan
Interloop Limited
(ILP), a leading apparel manufacturer in Pakistan, announced its plan to invest
$300 million to setup a new factory to expand its production. The company
intends to meet the rising demand for textiles and apparels from the foreign
markets.
Addressing a
media briefing, Muhammad Maqsood, President/Group Chief Financial Officer,
Interloop Limited said that the company aims to double its revenues by FY2026
and showcase a revenue growth of 46% and an earnings growth of 41% in the next
three years.
He mentioned that
ILP’s denim expansion will be completed in Q4FY21 and that there were plans to
improve the capacity of the company’s hosiery segment, which will be done in
phases starting September 2021.
ILP has expanded
and diversified its product line over the years and continues to do so to
enhance its footprint in the sector. Almost 90% of its revenues come from
hosiery exports to its major clients such as Nike, Target, Puma and Adidas.
The textile and
clothing exports in Pakistan have seen a significant improvement in the past
months with a 9.1% growth to $11.35 billion. This growth can be attributed to
the US and China trade spat that led diverted orders to Pakistan and the shift
in orders from India and Bangladesh because of the COVID-19 pandemic.
Source:
The News
Image Source:Unsplash
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